The long-awaited report has been released by the nation’s finest think tank: the Nigerian Economic Summit Group. Yes, the Nigerian Economic Summit Group will release a Macroeconomic Outlook Report with the theme “The Last Mile: Reforms Towards Significant Improvement in National Economic Outcomes” tomorrow. Yours truly will join eminent scholars to discuss the report and these scholars include:
- Mr Ari Aisen, IMF
- Prof. Ndubuisi Ekekwe, Tekedia Institute.
- Mr Taiwo Oyedele, PwC.
- Dr. Muhammad Sagagi, Presidential Economic Advisory Council.
- Prof. Risikat Dauda, University of Lagos.
Date: Tuesday, January 25, 2022
Time: 9:00 am (West African Standard Time: GMT +1)
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Venue: Transcorp Hilton Hotel, Abuja
Background
Nigeria is rapidly consolidating its recovery from the pandemic-induced recession, but the pre-COVID narrative of lack of growth inclusiveness and worsening macroeconomic instability still persists. Nonetheless, the impact of COVID-19 is still glaring on businesses and citizens. Despite a GDP growth of 3.2 percent in the first three quarters of 2021, data from the National Bureau of Statistics (NBS) show that average prices of goods and services were high; trade balance remained in deficit and foreign investment inflow was constrained in the year.
The World Bank estimated that an additional 8 million Nigerians fell into poverty between 2020 and 2021 due to lower purchasing power. Although Nigeria’s potential is enormous, job creation across sectors has been lagging, resulting in an increase in the number of unemployed individuals.
While there is considerable improvement in some areas, such as, the mobilisation of non-oil revenue in the last few years, one thing is clear: Nigeria cannot afford to continue with the business-as-usual approach in policy making and execution. The heightened insecurity and social vices in several parts of the country is a testament that when some segments of the population are left behind, this will not only offset the few gains made prior to COVID-19, but will also deprive the country of much-needed investments that will contribute to sustainable growth and development.
The challenges associated with insecurity, rising prices, unemployment and lower investments intensify the need for reforms that will set the country on a path of substantial economic progress and improved social inclusion. This will ensure that businesses and citizens constitute the core of government policies and actions.
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